Why Head Hunting Is Expensive
The hiring process has become complex. The old age strategy of Post and Pray is no more effective. Posting a job and waiting for the desired potential candidate to apply is not a smart move. This is where the role of scouts comes into play. Headhunters are specialized recruiters looking for the most powerful profiles such as CEOs, executives, managers and vice presidents to fill the positions of the hiring company. The process involves researching high profiles, analyzing the competitor’s market, reaching out to potential and passive candidates, convincing power, and hunting down the potential candidate.
Specialization:
Headhunters are often specialized in certain industries. They move in a small circle but with specific people from the industry in question. Headhunters are generally hired for high-level specialty positions. Recruitment agencies must have headhunters specialized in a certain field (marketing, technical). They have a huge database of candidates and can easily filter the required candidate. Their specialized search for candidates is one reason for their high fees. They can be a better match between a job seeker and a recruiting company. So the probability of finding the right candidate increases.
Industry knowledge and exclusive scope:
Unlike the internal recruiter, headhunters may not have enough knowledge about the internal structure and workflow of the hiring company, but they have a clear picture of the industry and hidden talents. Some headhunters who are part of the recruitment agency may work for different companies. They can get a better idea about the current and future business status of the competitors. They are reaching directly to the star employees of the competition, the high-profile executives. Headhunters can have genuine relationships with a huge candidate database and a unique focus on top executives. Headhunters identify suitable opportunities for potential executives who might not otherwise be so easy to convince and explain the opportunity. They are aware of even passive job seekers who are not openly looking to move on.
High-profile research and database
The high fees for headhunters reflect the time and research they spend collecting gems for the talent pool. They conduct market research through various mechanisms, including their personal resources, professional and social networks, and their huge database of potential candidates. By using these resources, they match the candidate’s specifications against the available opportunities. After filtering the candidates, only the most suitable and competitive ones are presented to the companies. Before presenting the final candidates to the hiring company, the headhunters verify the professional and personal data provided by the candidates. The scouting process for headhunters also includes verification. That is why they are expensive. From the search for candidates to the presentation of the finals to the company, the process involves great responsibility, consumption of time, energy, resources, communication skills and power of persuasion.
Worth the cost
The consequences of not hiring the right candidate can be a huge loss of productivity. The bottom line is no compromise on company standards, employee performance, and customer satisfaction. Lowering the standard is not the definitive solution. Headhunters claim to be less costly than the potential loss of hiring the wrong candidate. Recruiting the wrong candidate can result in a loss of 10 times the scouting fee. While headhunters are only paid for successful hiring, which certainly cannot be fruitful without the research, resources, and dedication of headhunters. There is a misconception among many job seekers that it is also a paid service for job seekers, which is why many job seekers avoid approaching them. The fact is, getting on the talent scout list can lead to every possible opportunity at no cost. The cost is paid by the company.